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tv   Lou Dobbs Tonight  FOX Business  May 20, 2017 3:00am-4:01am EDT

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i'm jamie colby. thanks so much for watching "strange inheritance." and remember -- you can't take it with you. from new york. >> announcer: from the salt conference in las vegas, the new "wall street week." here is maria bartiromo. maria: welcome to "wall street week," the show that's analyzes the week that was and helps position you for the week ahead. former federal reserve chairman ben bernanke is my special guest today. first weave have the big headlines from wall street to main street and of course it was a busy week. reporter:ed dow had its worst day in 8 months, dropping 400 points to wednesday. and the worst day during the trump presidency. stocks did bounce back at the
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ends of the week. sr the a & p and nasdaq all -- the s & p also finishing down. political turmoil in washington can delay the president's plans for tax reform. the white house disclosing a plan that would balance the tbhijt a decade, but it would entail deep cuts to many programs including food stamps and medicaid. a global cyber attack left businesses, banks, scrambling to protect its files. one company caught up in this, the media giant disney. the hackers threatening to
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release "pay roots of the caribbean." the ceo says they refuse to pay ransom. maria: some investors are wondering if the economy will be strong enough for the federal reserve to raise interest rates two more times this year. joining me is the former federal reserve chairman and the author of "courage to act." there is an expectation the federal reserve will continue raising interest rates. but what's your sense of the economy. a lot of people are wondering and questioning whether this is strong enough to see a spring of interest rate hikes, and will the fed stomp out the growth just as it's gaining traction?
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been report recovery has been been are been: the recovery has been pretty consistent. mari how would you characterize the economy. i feel like the auto industry polling over in the first quarter. what are you have seeing? ben: what the fed is looking at is the fundamentals for consumption. housing is up, unemployment down, consumer confidence is good. all those things indicate the consumer will be okay. that's a big p the story about why the fed thinks the recovery will continue and they want to continue the tightening
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process. maria: would you say it's more the business side of the economy pressured the last several years other consumer? i feel the business sector has been sitting on cash for quite some time. ben: a disappointing aspect has been capital investment. to the extent that businesses are optimistic about upcoming policy changes maybe we'll see improvement there as well. maria: a lo of people are wondering if that will be the catalyst that gets business moving again. let me ask you about something one of your predecessors used to speak about. that's the wealth effect. allen greenspan would look at
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the so called wealth effect. do you think the markets are showing some nervousness, and will that be and derailment? ben: i write in my book that the markets overdid the trump train. i think the politics will be much tougher than it looks. the fiscal changes, tax cuts and the like will be smaller than initially thought, and markets are adjusting to that. but i don't think you need a big fiscal package to keep the economy moving forward. there is a lot of progress being made and i don't think we need a big tax cut right now. maria: i was reading some of your commentary about what the president was talking about. you say the idea that the economy was so weak during the
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campaign when donald trump was running as candidate was not what you were seeing at all. you write that in the new foreword in your book. ben: the u.s. economy is doing quite well. unemployment rate 4.4%. stock market is up. job creation. i have to give candidate trump credit, he did identify some real dissatisfaction in the country. a lot of inequality, slow wage growth, particularly in the middle part of country with people with less education that has held them back and made them dissatisfied. maria: you are saying things are looking better and we are seeing a good situation. but one of the economists i speak with a lot looks at tax receipts and income. she says when you look at the
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tax receipts, you can see americans aren't making enough money to put back into the economy in terms of consumer spending. do you worry about that? >> i think if you look at the job keyation and the fact that wages are not going gang bus%, between more jobs and higher wages, we are seeing more income. when you ask consumers in the consumer con any dense surveys, they are more upbeat about that than they have been in quite a few years. i think it engine of the recovery will continue to be consumers and households. maria: don't go anywhere, we have a lot more to discuss when we come right back on "wall street week." >> announcer: former fed chair ben bernanke breaks it
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>> you are saying you are in favor of siegel which breaks apart the two arms of banking, except you don't want to break apart the two parts of bank. this is like something straight out of george orwell. >> i never said we are in favor of break up the banks. >> this is bizarre. >> we never said we were in favor of glass stegall. we said we were in favor of a 1st century glass stegall. maria: that was treasury secretary steven mnuchin having a bit of a back and forth with elizabeth warren.
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let's talk about dodd-frank and what you would like to see in terms of deregulation. do you think that's necessary or do you think it's welcome in terms of economic growth as well? >> it's always a good idea to look at regulations. there are a lot of regulations out there. it's always a good idea to look at them and say are they accomplishing what they are supposed to accomplish? can we make them smarter and repeal those regulations that are not carrying their weight. that being said, i think that it's very important that we not forget what a bad experience the financial crisis was and how much damage it did to our economy. so a lot of things in dodd-frank have the purpose of making sure we don't have. >> the situation like that. i think it's very, very important that as we try to reduce the regulatory burden on
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smaller and medium size inutions that we not lose sht of fact that we don't ha another financial crisis the kind we had 9 years ago. >> one of the issues bankers say is the fact that dodd-frank, some of the rule making, they stopped lending the way they were learning. do you see that happening and do you see you that loosening up? >> i don't see that. capital is real why it best way to make things safe. if you have enough capital you can absorb losses without coming close to failing. and their incentives are better. when they have capital they are investing their own money so they will have incentives to do it better. having capital, adequate level of capital is very important. one of the best things that happened to us here in the
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united states, we had our banks get better capitalized. they are safer and sounder than they were before. compare us to europe. their economy is not doing that well. in terms of lending. i don't think there is any evidence that higher capital defeated lending. lending has been solid. there are few areas that has taken time. standards are pretty high for mortgage borrowers. small business lending has been a bit of a problem because large banks don't want to take the evident to make a loan to a corner pizza store or other small business. but generally speaking, overall lending has been solid and growing faster than the economy. i don't see any signs high capital is choke off the economy. maria: what would you like to
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see changed in dodd-frank? ben: i would start with small to medium sized institutions. the goal of dodd-frank was to reduce the risk of the large institutions and the smallest institutions were hit by as collateral damage from some of those changes. that's clearly an area to look at. a number of regulators including outgoing fed governor talked about problems with the local rule that's intended to prevent banks from doing pro pry terribly lending. there are problems with that rule. maybe there are ways to make the stress testing of banks during a particularly tough period is important. and maybe they can make that less onerous for banks. a lot of ways and small rules
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and regulations can be modified to reduce the costs. maria: "wall street week" will be right back. >> announcer: white house chaos causing chaos in our markets. markets. former fed chair
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tthat's why at comcast,t to be connected 24/7. we're always working to make our services more reliable. with technology that can update itself. and advanced fiber network infrastructure. new, more reliable equipment for your home. and a new culture built around customer service. it all adds up to our most reliable network ever. one that keeps you connected to what matters most. maria: tough week for markets. the dow industrials hitting the lowest levels in a month after the controversial firing of f.b.i. director james comey, then the revelation comey wrote a memo detailing a conversation that could signal the president pressured comey to drop his investigation of michael flynn. president trump said that is not
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true. but investors are questioning whether all of this drama will stop or derail the president's pledge to reform taxes. we are back with federal reserve chairman ben bernanke. what your take on fiscal policy. what would you like to see and what do you think of the president's proposals so far. he's talk about a 15% corporate tax rate. i doubt that will happen. he's talking about a 15% business tax rate and lower taxes for most americans. what's your take on that? ben: we are at a point in the business cycle where we are almost up to full employment. we don't need to stimulate spending. what we need is fiscal reforms that increase the supply side of the economy to allow us to grow faster in a sustainable way.
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the two that have the most potential pore supply side growth, one would be tax reform on the corporate side to make that more efficient. and the second would be smart infrastructure investment to make us more productive. we lose a lot of time on busy roads and inadequate bridges. and good infrastructure to make us more productive over the long term. maria: do you worry about the debt with all that. obviously cutting taxes will cost in the trillions. what about the debt and the deficits? what's your take on the debt d the impact of all that? >> that's the reason why i don't think we can do all this. i think we have to prioritize. the higher priority would be to reform the corporate tax code and make it more efficient.
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infrastructure spending if it's good can partially pay for itself. do good maintenance tody you don't have to do that maintenance tomorrow. if you make the economy more productive, that increases your ref flews to some extent. if you prioritize you can have the most effect on the economy. maria: do you think that will dictate corporate behavior? if you see a repatriation tax down to 8% to 10%, he says there is $5 trillion overseas. an said if he can put in a repatriation tax of 8% or 10% or 12%, companies will bring it home, do you agree with that? >> they will bring some of it home. there will be a one-time windfall of hundreds of billions
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of dollars which will smooth the way for corporate tax reform. but it's a one-time thing. it's not a permanent source of revenue. there is a oneime benefit that can be gotten by the repatriation. maria: we had a week of debate and criticisms about what went on over the jim comey affair and why the president fired jim comey when he did. do you think that's the kinds of situation that could stall the senate? the senate is focused on jim comey, this russia investigation, and they are not talking about tax reform and healthcare reform. what's your take? ben: i live in washington, but i'm not really a political prognosticator. paul ryan and mitch mcconnell said they will continue to pursue their program notwithstanding all the noise
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coming out of the administration. we'll see if they can do that. they will pursue their various programs. but clearly it does create more distraction and will require more time on the floor in the house and the senate. whether it will derail it is difficult to tell. maria: i think people feel tax tree form is so necessary to most neeld on economic growth, why has it been so hard to do? >> it's very contentious. most economists would suggest you should try to reduce the rate on the tax profits, and pay for that by eliminating loopholes and exemptions and making the tax code flatter and more fair. the trouble is your exemption and my loophole, we defend those if we possibly can.
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every change proposed will have defenders and antagonists. politically it's difficult. there has been a lot of talk in congress about tax reform going back into the last administration. but it's difficult to get agreement on how to do it. that's the challenge. maria: the book is "the courage to act." don't go anywhere, more "wall don't go anywhere, more "wall street week" after this.
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you totanobody's hurt, new car. but there will still be pain. it comes when your insurance company says they'll only pay three-quarters of what it takes to replace it. what are you supposed to do? drive three-quarters of a car?
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now if you had liberty mutual new car replacement™, you'd get your whole car back. i guess they don't want you driving around on three wheels. smart. with liberty mutual new car replacement™, we'll replace the full value of your car. liberty stands with you™. liberty mutual insurance. maria: a look at some of the big market events coming up in the week ahead that could impact your wallet. purchasing managers index coming out. new home sales, manufacturing, purchasing managers. existing home sales. consumer sentiments. all key indiana kateors to watch
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for. earnings starting to slow down. hewlett-packard, l sorks we's, lion's gate. james comey will be testifying as well. the president is traveling alot. he will meet with the palestinians and he will go to the vatican where he will meet with the pope. the president will head to brussels to meet with our mean council president. he will meet with the newly elected french president. and he wraps up the trip in sicily at g-7 summit. james comey testifying wednesday. coming up next week. larry summers my special guest. i'll see you sunday morning 10:00 a.m. eastern.
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we'll speak with former ci sarks director james woolsey, my special guest. >> i'm bob massi. for 35 years, i've been practicing law and living in las vegas, ground zero for the american real-estate crisis. but it wasn't just vegas that was hit hard. to coast as onomy tanked. coast now it's a different story. the american dream is back, and nowhere is that more clear than the grand canyon state of arizona. so we headed from the strip to the desert to show you how to explore the new landscape and live the american dream. i'm gonna help real people who are facing some major problems, explain the bold plans that are changing how americans live, and take you behind the gates of properties you have to see to believe. at the end of the show, i'll give you critical tips
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you need to know in the massi memo. because information is power. and the property man has got you covered. thanks for joining us. i'm bob massi, the property man. water -- it's not something most of us spend a lot of time thinking about. you may be thinking about it a lot more in the future. and whether you know it or not, well, water will have a big impact on your property and your life. the world economic forum recently declared the biggest threat facing the planet over the next decade to be a global water crisis. the un estimates that by 2030, nearly half the world population will be living in areas of what they call high water stress. >> as we've got more and more population, more and more water use, we're seeing some constraints on some of the water resources. >> here in the united states,
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especially in the southwest, battles are already being fought over who gets the water and how. this impacts not just where people live but also how they live. >> going forward, we're gonna see a change in the nature of our communities, how they look, how they're landscaped, how buildings are designed. and we're going to adapt to our water situation. >> california's already more than five years into a drought, and the population of nevada and arizona -- well, they're expected to double >> wat is precio 2030. in a desert. it's pcious anre, but it's particularly precious in a desert. and we were using groundwater, pumping it out of the ground that had accumulated over centuries, at an alarming rate. it was an existential question. are we going to run out of groundwater at some point? and there won't be any growth or economic activity here. we're gonna find an alternative. with groundwater drying up, much of the western united states turned to the nearly 1,500-mile-long colorado river, which flows from the rocky mountains
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all the way to mexico. the colorado supplies water for 30 million people. but getting the water to the people in arizona took an astounding level of engineering. >> we have this huge canal system that transports it 336 miles uphill to deliver it to communities, farmers, industries. >> the central arizona project was constructed in the 1970s and '80s. the massive system brings the water to the population centers of phoenix and tucson. >> it cost over $4 billion to build. there was a 300-mile- long excavation, several tunnels bored through mountains, siphons going under rivers. it's an engineering marvel. and you can see it from outer space. >> on average, more than 5 trillion gallons flow through the canal every year. >> what we're looking at behind me here is a map board of the system itself. it's 336 miles long, controlled by two dispatchers that are sitting behind us here. >> we have 15 pumping stations along our 300-plus-mile canal. we have to basically pump the water uphill
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and then let it flow by gravity over some period of miles. >> so all these values that you're looking at are in cfs, cubic feet per second. so as you can see here, this pumping plant's doing 2,086. starts at lake havasu, goes all the way down through some mountains, underneath some riverbeds, and then it eventually ends up in tucson. >> from 1985 to 2010, central arizona project generated $1 trillion with a t, a trillion dollars over those 25 years of value for the state of arizona. when our supply becomes more expensive because of scarcity, people need to remember what it's really worth, and not just us personally, when we turn on our tap, but what it's doing for the state that we live in. >> but even the mighty colorado river is struggling. water levels in its two biggest reservoirs, lake mead and lake powell, they've been dropping fast. shortages are coming. so what does that mean for you? >> the cost of water's going up. it's becoming more expensive because there's increasing competition for water, and there's a lot of components that go into the cost of water. for example, it takes a lot of power to move water.
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and so if power costs go up, water costs go up. >> water is a valuable commodity. it's undervalued. it's underpriced. the more people come here, as the drought that we've been experiencing continues, it is going to become more expensive. >> arizona's ahead of its neighbors in terms of planning for the future and ensuring that water use is considered when building homes. developers, home builders can't just build wherever. they have to follow certain rules. >> you have to go to the arizona department of water resources and demonstrate that you have sufficient water supplies for 100 years. in order to be able to sell a new house, you have to demonstrate that you've got this water supply. >> they are also stocking up to buffer against future shortages. >> we take some of our colorado river delivered through the central arizona project, and we store it underground through storage ponds. it doesn't evaporate. it's there for the future use. >> homes in america use 27.5 billion gallons of water every day, preparing food, flushing toilets and watering lawns. >> as we see buildings
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go up vertically, what we're seeing is less landscaping on a per-resident basis. we're also seeing the opportunity to reuse some of the water internally. we're seeing rooftop gardens. >> there's much more consciousness in terms of individual homes. we have low-flow toilets and shower heads, desert landscaping. >> on a per-person basis, water demand is going down. new construction is more efficient than old construction. people are remodeling their homes. >> regulations were adopted that required golf courses to reduce the amount of grass that they put in when they built a new one. you now see many of these world-class championship facilities out here are a mixture of grass and desert, and they're absolutely stunningly beautiful. >> another thing people are doing is reusing gray water -- the water that comes from the washing machines or showers, not the toilet water and not necessarily kitchen sink water, but kind of that clean wastewater. but what they're doing
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is they're directing it to their own property, using it for outdoor watering. >> for any new project today, the assumption is that all of the wastewater that's generated by this new community, all of it will be recycled in one way or another. you're gonna see water becoming more expensive, but you're gonna also see tremendous opportunities to use water more efficiently. >> people here are very confident and optimistic that we will be able to continue our lifestyle, our economic vitality. it may require more talk about low-flow plumbing fixtures and maybe adjusting landscaping. but i think we're in a good place. >> up next, how does the water crisis affect you? there's a lot you can learn from desert landscaping. [ woman vocalizing ]
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♪ >> welcome back. i'm bob massi, the property man. so we've heard about water becoming more scarce and more expensive. but if you own property,
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at some point, you're probably gonna have to deal with landscaping. and that usually takes a lot of water. so how can you make your home beautiful but still do it in a responsible way? mike robison is the owner of sustain scape. >> we focus on plants that'll work in this environment. being that it's a desert, we want plants that will thrive off low water and be beautiful out here. >> when people buy a home or build a home, the landscaping is, like, one of the things that if they're not prepared enough, they regret after if they don't get some advice. >> get a professional. you know, spend a little bit of money to get someone that knows what they're doing. >> better to spend a little more up front than cost a lot of money back then. >> in the long run. yeah. >> we're out here in the desert of arizona. landscaping here is obviously going to be different from other regions. >> some areas would need plants that could thrive off a lot of water.
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plants that thrive off a lot of water out here is not good. >> but wherever you are, you really need a landscaper who understands your particular climate and what works there. i grew up in pittsburgh, right?any -- everything grows. >> right. yeah. but the sonoran desert's very beautiful. you know, at different times of the year, it can be blooming just as pretty as back east. if you do a correct design, you can design in plants that'll bloom throughout the year. >> now, all plants are not interchangeable. some require much more maintenance than others. you want to look for low-maintenance plants that won't need to be replanted or heavily worked on. pay attention to how the front of your property looks. we've all heard the term "curb appeal." just having a well-thought-out front yard can increase the perception and value of your home. >> you can design it to create different experiences as they come into the house, you know, a basic one or a dramatic one. >> but you can't just only pay attention to the front.
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>> people should focus on spending the money where they're gonna be getting the most enjoyment out of it. patios off of courtyards or back patios can extend the house. >> here in arizona, the lifestyle is outdoor living. so figure out where you'll be spending your time. there's three patios on this property. and it was designed to be able to utilize the outdoors during the different parts of the day. there's patios on the north, which you would use in the mornings. you know, you work your way around to the south as the sun migrates throughout the property. we put in pots to bring in the color for the area. they're all plumbed and drained, uh, underground. so the water -- >> so underneath here, then... you can't just move this. >> no, you don't wanna move it. it'll break the seal. the xeriscape focuses on low-water plants, drip-irrigation system that applies water to the plant at the source. >> what xeriscape design means is saving water by using the right plants in the right groupings so that they require little to no external water. >> there's pipes underground
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that distribute the water throughout the property. >> there's conduit underneath here? >> correct. everything's set up on valves, which regulate the amount of water to each plant. and you wanna group like-water plants. so trees are a group. shrubs are a group. cactus. so you can distribute the correct amount of water to each plant. >> people often get mixed up about xeriscaping. it doesn't mean just getting rid of plants. it's about using water wisely so that you're not wasting it. the xeriscape brings in the elements of the plants, you know, that'll give you the lush look or give you a nice, pretty landscape. >> gray water is something that you're going to be hearing a lot about in the future. why? because there really no reason not to be doing it. >> gray water is just water that's already been used once. so there's -- there's fixtures in your house like your shower, the laundry. that water can be reused to irrigate plants. >> obviously, this is not from your toilets or even your kitchen sink. >> here, we're standing next to a gray water tank.
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the water comes ouof the house into this tank and then pumps throughout the pipes underground to the landscaping. >> the most important thing -- have a plan. >> hiring the right people is kind of the right step in the direction to get what you want in the end. >> don't just randomly start doing things. it'll end up costing you more money in the future. >> if you don't have a plan to lay everything out, you could be putting trees in places, and you'd be tearing 'em out in a couple years. so then you're wasting money and going back and redoing stuff twice. >> which costs you more money. >> costs you more money in the end. >> up next, living inside a shipping container, well, it might not sound like your idea of luxury. but wait until i show you what life is like inside these tiny homes. [ woman vocalizing ]
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♪ >> welcome back. i'm bob massi, the property man. shipping containers. they're just big boxes used to move stuff across the globe. so living inside one might not exactly be what you think of as luxury. but that could be changing. this is the front living room. >> and the idea is it's a one-bedroom space. but it's really wide open, similar to a hotel room where there's no door separating the back bedroom and the front living room. >> this is containers on grand, 16 steel former shipping containers that now form eight 740-square-foot one-bedroom, one-bathroom apartments. it's the brainchild of brian stark and wes james, architects and builders who saw these formerly discarded containers as an opportunity. >> because of the trade deficit in the united states,
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there's a lot of product that comes into the u.s. fromverseas. but we export very little. >> typically, shipping containers are produced in china. when they land here, 9 out of 10 times, they don't leave our shore. so we have a shipping container sitting in ports along the shoreline. >> the 16 containers have now become a sustainable-housing project on what was once the kool kar used-car lot in downtown phoenix. each of these 9,500-pound steel crates once traveled the high seas and were wasting away in california before they were salvaged. >> these containers are meant to hold 40,000 to 50,000 pounds each, be stacked 11 high and sent across the ocean. and they're incredibly over-structured for what we're using them for. we did everything we possibly could so that, when people were driving by, that it literally looked like a stack of shipping containers. we were also very keen to have the aesthetic, the blue containers that you see here. >> and what kind of work did you have to do to them? >> we actually did minimal cuts. we left most of the container intact. once we had all the underground and footings in place, we had them shipped here.
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and then we used a crane to actually erect it. these aren't temporary structures. >> these are fixed to the ground. >> yeah. we built this using the ibc, which is the international building code. we actually erected this entire complex structurally in just about four hours. >> then came the plumbing, the wiring, insulation and finishing touches. >> we have a container stacked up against a conventionally built masonry core. that houses most of our mechanical plumbing and electrical infrastructure. within the core are all the bathrooms and the kitchens, leaving the containers to really be just the pure space. we really wanted an open, clean, modern interior space that contrasted against the, you know, the rough exterior. >> the bedroom, you can see, is a decent size. it's roughly 16 by 12, which is a good-sized bedroom. we have a queen bed here and then the bathroom in through this door. this is a small work space. when you have only 740 square feet, every space is important to use. and so this gives us kind of a desk and work space there. one of the things inside that we've left is the flooring.
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shipping containers come with an inch-and-a-half plywood. and so you see a lot of the remnants from when they were used, when forklifts came in and dragged stuff out. >> it tells the story of the container. we didn't wanna sand it down. so we ended up putting many, many layers of epoxy on the floor to also keep the character of the shipping container. >> how well is it insulated? we actually are thicker, using closed-cell insulated foam, than we need to be to make sure we cut down on the radiant heat coming through the metal skin. >> yeah, because we're down in the scottsdale-phoenix area. obviously gets pretty hot here in the summer. now, is there air conditioning in here? >> oh, absolutely. this is a fully functioning apartment. >> the apartments, they rent for about $1,000 per month and are already quite popular. >> people seek these out because they are so novel. i think people that are interested in recycling or repurposing or even modern architecture are interested in what we've done here. >> i was kind of just looking at a bunch of just boring old cookie-cutter townhomes, apartments, houses for rent. i stumbled upon this on zillow and decided it would just -- it was too cool of an opportunity to pass up
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and decided to take a chance. and so far, so good. >> we face the containers facing each other so there's a sense of communal interior space to encourage people to come outside, essentially. so far, it's been a lot of fun. i mean, everybody wants to come over and see my place. i mean, i've probably given 20 home tours. >> containers on grand is located just outside of roosevelt row, part of downtown phoenix billed as a creative, walkable arts district. >> we have a really wide spectrum of people that have contacted us interested in containers, everywhere from people wanting to put bomb shelters in their backyard to people wanting to do really luxurious modern homes. >> could you take a couple containers and sort of cut a hole in 'em and make it, like, a two- or three-bedroom? >> just -- it's just money. >> yeah. >> it's always about money, guys. >> it's just money. >> up next, time to dig into the viewer mailbag and answer some of your questions. [ woman vocalizing ]
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and choose the loan that's right for you. our average customer could lower their monthly bills by over three hundred dollars. rates could rise again. go to lendingtree.com right now.
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wow. college already yeah! we gotta go yeah (sfx:car starts, car door closes) ♪for all those times you stood by me♪ ♪for all the truth that you made me see♪ and remember... ♪for all the truth that you made me see♪ seatbelt. drive safe. call when i get there. ♪for all the joy you brought to my life♪ i...i love you. ♪for every dream you made come true♪ ♪for all the love i found in you♪ ♪for all the love i found in you♪ i love you too daddy. ♪you're the one who saw me through♪ ♪through it all and thanks...for, everything. ♪you were my strength when i was weak♪
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♪you were my hopes when i couldn't speak♪ ♪because you loved me ♪ >> time now for the massi memo. and i'd like to take a moment to dig into the mailbag and answer some of the questions that you've sent in. tim from iowa writes... "the contractor won't speak to us anymore, and when he did, he said he actually should have used crushed gravel, but instead, he used limestone, and it saved him $2,500.
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my mother-in-law has had a stroke. she has cancer, a broken back, and has not been able to live in the house for two years. first of all, i'm so sorry for your mother-in-law's problems. besides the illness, she has to deal with this. it's not fair. the law, however, is on her side, tim. and she has grounds to sue the builder for breach of contract, breach of warranty, construction defect. you gotta get a good lawyer that specializes in that area. now, like many states, it does recognize these principles of law. so when you se a competent lawyer, he or she will explain what your rights are. important to understand there is a 10-year statute of limitations, meaning that you have that period of time to actually bring an action. but you have to prove that the workmanship fell below a certain standard. and it surely sounds like that happened in this case. now, here's the problem. nothing -- nothing in litigation happens quickly.
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but most of the contracts that we sign when we buy a home has certain clauses in it. for example, it may have a mediation clause. it may have an arbitration clause. and what does that allow you to do? it allows you to get into litigation early on to try to resolve the problem. you also have to get, as i stated early -- earlier, a competent lawyer to handle this. the other problem we're dealing with, as i said, nothing happens quickly in litigation. find a competent lawyer. have them answer the questions. anso far as selling it, i don't think you're gna be able to do it, my friend, because you'd have to sell it as is. and who's gonna buy that property? that's all the time we have for today. be sure to send me your property stories, questions or pictures of your property bloopers. send them to propertyman@foxnews.com. and don't forget to check us on facebook and twitter. there's also plenty more
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information and videos on our website, foxnews.com/propertyman. i'll see you next week. [ woman vocalizing ] lou: good evening. fired f.b.i. director james comey agreed to testify in front of the senate intelligence committee. that committee announcing comey will testify in open session which will be scheduled after memorial day just about a week away. this follows a coordinate attack on the tru

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